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Rates
Toppers Pizza

Toppers Pizza

The total investment to open a Toppers Pizza franchise ranges from $243,600 to $1.2M. The initial franchise fee is $30,000. Ongoing royalties are 5.5% plus a 3% advertising fee.

What is the Toppers Pizza franchise?

Toppers Pizza is a Wisconsin based quick service restaurant franchise founded in 1991 by Scott Gittrich. After eight years as Director of Operations at a major pizza franchise, Gittrich opened the first Toppers Pizza in Champaign, Illinois. The second location opened in Whitewater, Wisconsin, in 1993, and that location later became the company’s corporate headquarters. Gittrich led the company for three decades before becoming Founder & Chairman of the Board in May 2023. Adam Oldenburg became Chief Executive Officer in May 2023 after starting with Toppers Pizza 18 years earlier as a delivery driver. He later served as Corporate Operations Director and Vice President of Operations. Oldenburg owns six Toppers franchises and was named Franchisee of the Year. As of August 2024, the brand had 70 stores across 11 states, with most locations in the Midwest, compared with 65 locations across 10 states in July 2020. The 2025 Franchise Disclosure Document reports 71 total units, including 55 franchised owned and 16 company owned locations. In May 2022, the system had 71 stores, with 26 corporate and 45 franchise units. The company operated 74 Toppers Pizza locations in 2023. Toppers operates in the United States quick service pizza market, which has a total addressable market exceeding $40 billion annually. Its menu, digital ordering, and delivery model give the brand a defined position within that market.

Demand is supported by digital ordering, third party delivery, convenience, value, takeout, and at home dining. These trends fit Toppers Pizza’s digital and delivery focused model. The brand also emphasizes quality ingredients and unique menu items, which appeal to customers seeking a more distinctive quick service meal. A large share of quick service sales now occurs outside traditional dine in settings. The category attracts franchise investment because of its resilience, lower operating complexity than full service restaurants, and potential for high sales volume. Competition includes large national pizza companies, but the market remains fragmented enough for differentiated brands to expand in regional markets. Improvements in online ordering, customer relationship management, and delivery logistics create opportunities for brands with established digital systems. Pizza remains a widely purchased food, while changes in crust varieties, topping combinations, and delivery methods continue to support consumer interest. Toppers has a particularly strong presence in its Midwest base and uses its menu and delivery operations to compete in this market.

The specific Toppers Pizza franchise fee is not available. Typical initial franchise fees for quick service pizza concepts range from $25,000 to $45,000 and generally cover trademark use, access to the operating system, initial training, and help with site selection and lease negotiation. The total initial investment for a Toppers Pizza franchise ranges from $243,600 to $1.20 million. The amount depends on the real estate approach, including a new ground up build out, conversion of an existing commercial space, or tenant improvements in a leased property. Construction costs, local labor rates, equipment, and permitting also vary by location. A new full scale restaurant in a high cost urban market could approach $1.20 million, while a conversion in a suburban or rural market could be closer to $243,600. The specific royalty rate and advertising fund contribution for Toppers Pizza are not available. Typical quick service pizza royalty rates range from 5% to 6% of gross sales, while advertising contributions often range from 1% to 3% of gross sales. These fees support continuing operational assistance, brand development, system marketing, digital advertising, and promotions. Toppers Pizza has franchised operations dating back to 2000. Its initial investment range places it in the middle tier of quick service franchise investments and may make it accessible to more buyers than higher cost concepts. Prospective franchisees should compare the investment with their available liquid capital and net worth. PeerSense can introduce buyers to SBA and conventional lenders, but PeerSense is not a lender and does not approve or provide loans.

Toppers Pizza’s operating model centers on digital ordering, delivery, inventory control, food preparation, and order volume management. Stores require kitchen employees trained in pizza preparation and food safety, delivery drivers, and front of house staff who manage digital and direct orders. The format is generally kitchen centered and may include minimal or no dine in seating, which can support faster service and lower overhead. Staffing is adjusted for the peak periods common in pizza operations. Matt Martin, Vice President of Operations, began his Toppers career as a delivery driver in 2001, reflecting the company’s operational experience at the store level. Specific details about the length and location of franchise training are not available. A typical training program for a quick service pizza franchise would address food preparation, food safety, customer service, local marketing, point of sale systems, and delivery management, combining classroom instruction with hands on work in an operating Toppers location. Toppers’ executive team includes employees with decades of experience in operations, marketing, and franchise sales. Franchisees can receive support from field consultants through operational guidance, performance reviews, and shared practices. The digital model includes online ordering, customer relationship management, and data analytics. Corporate marketing includes local store activity and system wide campaigns, while supply chain management supports access to the quality ingredients used by the brand. Toppers has a strong presence in Wisconsin and Michigan, operates in Minnesota and California, and is expanding in the Southeast, including North Carolina. The company does not state an explicit multi unit requirement. However, Oldenburg owns six franchises, and franchisees Ross Lerner and Lori Irvin acquired four existing Toppers Pizza locations and planned four additional new stores in Nebraska and South Dakota. These examples show a path for multi unit ownership. The model generally favors owner operators at the beginning, although experienced multi unit owners may move toward a semi absentee structure with management teams.

Buyers need to review available company information, speak with franchisees, and compare the opportunity with industry benchmarks when assessing possible results. Toppers’ focus on quality ingredients, unique menu items, digital ordering, and delivery may support strong performance in its target markets, but actual results will depend on each store’s circumstances.

Loan Activity Score

52/100

SBA Default Rate

0.0%

Active Lenders

29

According to its Franchise Disclosure Document or public business records, Toppers Pizza has 56 locations, all owned by franchisees. Public SBA loan records show 29 lenders made 87 loans to franchisees of Toppers Pizza. PeerSense calculates Toppers Pizza's score as 52 out of 100, using public SBA loan performance and recent lending activity. Cost figures are based on the 2026 Franchise Disclosure Document.

2026 FDD VERIFIEDFull-Service Restaurants

Franchising since 2000 · 56 locations

Investment

$243,600 to $1.2M

Franchise Fee

$30,000

Total Units

56

56 franchised

Loan Activity Score
Very high
52
SBA Lending
25
Lender Quality
7
Transparency
10
Reach
7
Momentum
3

Proprietary PeerSense metric

Moderate
Capital Sources
29SBA lenders

Distinct lenders in public SBA records for Toppers Pizza

87

Total SBA loans

$417K

Average loan size

Source: public SBA 7(a) and 504 loan records through December 31, 2025

Referral fee at closing

SBA Lending Activity for Toppers Pizza

Loan Activity Score Breakdown

Established (25 to 99 loans)

Very High Confidence
52out of 100
Moderate
Market Momentum3/35

Are lenders increasingly or decreasingly funding this brand? Growing trends score highest.

Loan Safety25/25

Blended default rate (recent + all time) compared to NAICS sector peers.

Lender Confidence7/15

Quality lenders actively backing this brand, with penalty for lender pullback.

Transparency10/15

FDD availability, Item 19 disclosure, and overall data completeness.

Footprint7/10

Geographic spread of SBA funded locations across states.

SBA Lending Performance

SBA Default Rate

0.0%

vs 10.3% peer avg

SBA Loans

87

Total Volume

$36.3M

Active Lenders

29

4 selective

States

10

vs. SBA Sector Average

+10.3%lower default rate

SBA loan default rate vs. all franchises in the same NAICS sector, not limited to direct competitors

Key Highlights

Low SBA default rate (0.0%)
Item 19 financial data disclosed

Data Insights

Key performance metrics for Toppers Pizza based on SBA lending data

SBA Default Rate

0.0%

10.3% below peer avg

SBA Loan Volume

87 loans

Across 29 lenders

Lender Diversity

29 lenders

Avg 3.0 loans per lender

Investment Tier

Significant investment

$243,600 to $1,202,000 total

Toppers Pizza: Deep SBA Data

Brand specific metrics derived directly from SBA 7(a) approval records: peak lending year, leading state, average loan size, and lender concentration. PeerSense computes these per brand so capital advisors and prospective franchisees can benchmark this opportunity against the rest of the franchise universe.

Peak SBA Year

2014

15 approvals. The best year on record for Toppers Pizza.

Top SBA State

Wisconsin

52 SBA financed Toppers Pizza locations, the densest operator footprint.

Average Loan Size

$417K

Median $322K. Use as a sizing anchor when modeling your own Toppers Pizza unit.

Lender Concentration

46%

Concentrated

Share of Toppers Pizza approvals captured by the top 3 SBA lenders.

Toppers Pizza's SBA lending pipeline peaked in 2014 (15 approvals). The last five fiscal years account for 15% of cumulative volume ($9.0M approved). Operator density is highest in Wisconsin with 52 SBA financed locations. Average funded ticket sits at $417K, with the median at $322K. Lender mix is concentrated: the top three SBA lenders account for 46% of approvals. Credit decisions concentrate with a small group of incumbents.

Payment Estimator

Loan Amount$195K
Interest Rate9.5%
Term (Years)10 yr

Estimated Monthly Payment

$2,522

Principal & Interest only

Indicative only, as of October 1, 2026. Not a quote, commitment or offer of credit. Final pricing, leverage and terms are determined by the lender at underwriting, after full transaction materials are reviewed. PeerSense sources the file. The lender sets pricing. What these terms mean.

Locations

Toppers Pizza, unit breakdown

Total Units
N/A
Franchisee Owned
n/a
System Owned
n/a
Closed
n/a

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3 FDDs Available for Toppers Pizza

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Toppers Pizza

Page Review

Reviewed by Edward L. Freeman, Founder and Managing Director, PeerSense

  • PeerSense is a capital advisory firm that places commercial financing with direct capital sources; it does not lend, fund, or approve loans, and the capital source sets final terms.
  • Edward L. Freeman founded PeerSense in January 2020.
  • He is a Registered Franchise Consultant with Business Alliance, Inc., a credential issued in March 2022, and worked as a franchise consultant there from March 2022 to May 2023.
  • His recorded experience includes a $22 million SBA construction loan, with about $16 million funded on the deal.
  • In the 12 months through September 30, 2026, PeerSense tracked 912 publicly announced financings with a disclosed size of $361.32 billion. PeerSense Capital Data Report · Methodology page

Last reviewed LinkedIn profileAbout Edward Freeman